Published on 7/16/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $315,000 autocallable contingent coupon notes on stocks
Chicago, July 17 – Barclays Bank plc priced $315,000 of autocallable contingent coupon notes due June 26, 2026 linked to the least performing of the American Depositary Shares of Vale SA., the common stock of Intel Corp. and the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an 22% annualized rate if the lowest stock closes at or above its 65% coupon barrier value on the related observation date. Previously unpaid coupons will also be paid.
The notes will be automatically called if all three stocks close above their initial levels on any quarterly call valuation date starting after six months.
The payout at maturity will be par if all three stocks close above 60% of their respective initial levels. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | Vale SA., Intel Corp. and Las Vegas Sands Corp.
|
| Amount: | $315,000
|
| Maturity: | June 26, 2026
|
| Contingent coupon: | 22% annual rate, payable monthly if the lowest stock closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst performing stock
|
| Call: | Automatically at par if all three stocks close above initial levels on any quarterly call valuation date starting after six months
|
| Initial levels: | $13.91 for Vale, $32.71 for Intel and $58.14 for Las Vegas
|
| Coupon barrier levels: | $9.04 for Vale, $21.26 for Intel and $37.79 for Las Vegas; 65% of initial levels
|
| Barrier levels: | $8.35 for Vale, $19.63 for Intel and $34.88 for Las Vegas, 60% of initial levels
|
| Pricing date: | June 23
|
| Settlement date: | June 28
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06745MLX4
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